Peru will implement a UPI-like digital payments system by next year, becoming the first South American country to do so. Ambassador Velarde praised the tool for promoting financial inclusion, aiming to benefit the unbanked population.
Peru will implement by next year the UPI-like real-time digital payments system, according to Peruvian Ambassador Javier Manuel Paulinich Velarde.
First South American Nation to Adopt UPI
NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) had first announced a landmark partnership to introduce the real-time payments system in Peru in 2024. Once implemented, it will make Peru the first South American country to adopt the Unified Payment Interface (UPI) technology.
"This is a complex system. There were lots of experts visiting Peru regarding that. We are hoping to implement it by next year," Javier Manuel Paulinich Velarde told ANI, when asked about the timeline for its implementation.
'Magnificent' Tool for Financial Inclusion
Velarde praised the "magnificent" financial tool, and said "It will be very useful and will promote financial inclusion" in Peru.
The UPI-like system will facilitate instant payments between individuals and businesses, and expand the use of digital payments to Peru's unbanked population.
India's Global UPI Expansion
Over the past few years, India has signed multiple collaborations to allow UPI-based payments or share its underlying technology with countries such as Singapore, UAE, France, Nepal, Bhutan, Sri Lanka and Mauritius.
About India's UPI System
Developed by the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) is a real-time digital payment system that enables instant money transfers between bank accounts through mobile phones. Launched in 2016, it has become one of the world's most successful digital payment platforms, handling over a billion transactions a day and transforming India into a global leader in low-cost, fast, and secure digital payments. (ANI)
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